It was on May 9, when the trading price of Bitcoin (BTC) experienced a plummet. The trading price of Bitcoin was about to get pulled down to $30,000 per BTC, which is its psychological level.
However, the buyers attempted a recovery, not letting the price of Bitcoin hit the $30,000 per BTC mark. The trend line for Bitcoin shows that it was on May 10 when the price of Bitcoin started experiencing a recovery.
The graph for Bitcoin shows that a long wick has been formed on the candlestick pattern. It suggests that the bears are not willing to let the bulls steer Bitcoin’s trend in their favor. The bears are constantly selling even the smallest of the rallies being formed by the bulls.
The trend is completely moving into the negative zone and the bears may not let the bulls ease off. There doesn’t seem to be a possibility for the buyers to form even a minor rally to push Bitcoin’s price higher.
Current Price Trend for Bitcoin
On May 11, the bears tried really hard to take advantage of the trend to pull Bitcoin’s price lower. They tried their best to bring the price of Bitcoin below the $28k per BTC. However, the bulls did not let them take full advantage of the situation.
They stopped the bears from pulling the price of Bitcoin any further. The bulls are strongly defending Bitcoin at a critical level of $28,805 per BTC. They may continue defending the critical mark with all their strength.
The Bearish Trend for Bitcoin
A keen look at the trading price of Bitcoin shows there is still a strong possibility that the bears find cracks in the strong defenses of the bulls.
If the bears manage to push through the cracks, then the sellers will be able to launch a strong selling spree. As a result of intensified selling, the trading price of Bitcoin may fall down to $25,000 per BTC.
This won’t be the only low price Bitcoin may plunge to in the upcoming days. If the sellers keep intensifying their selling spree, then the trading price for Bitcoin may continue plunging.
As the selling trend for Bitcoin continues gaining more momentum, the trading price of Bitcoin may plunge to a low of $20,000 per BTC.
The Bullish Trend for Bitcoin
If the bulls are able to deflect the bears and succeed in pushing Bitcoin above the $30,000, they may continue pushing it higher. Going forward, the buyers may make the attempt of pushing Bitcoin to the 20-day EMA of Bitcoin, which is $36,214.
If the bulls manage to push the trading price of Bitcoin over the 20-day EMA, its price may rise to 50-day SMA ($40,792).